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An hour with former Secretary of the Treasury Robert Rubin about his book "In An Uncertain World: Tough Choices from Wall Street to Washington", co-authored by Slate editor Jacob Weisberg. The book chronicles Rubin's early life at Harvard and the London School of Economics, and offers insight into the Clinton administration and the future of American economic policy.
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tartufe 12/04/2008 01:36 AM Report
Excerpt NY Times entitled "Where was the wise man?" Where indeed.: "Early in 2005, Citigroup’s board asked the C.E.O., Mr. Prince, and several top lieutenants to develop a growth strategy for its fixed-income business. Mr. Rubin peppered colleagues with questions as they formulated the plan, according to current and former Citigroup employees. With Citigroup falling behind Wall Street rivals like Morgan Stanley and Goldman Sachs, Mr. Rubin pushed for the bank to increase its activity in high-growth areas like structured credit.
He also encouraged Mr. Prince to raise the bank’s tolerance for risk, provided it also upgraded oversight. Then, according to current and former employees, he helped sell the proposal to his fellow directors.
On the surface, this appeared to be a sensible strategy. In hindsight, the timing could not have been worse: Citigroup was bulking up in mortgage-linked securities in 2006, not long before that market cratered."